Press Release Overview

On 5 October 2026, SwitchLabs, an EV Truck‑as‑a‑Service platform serving enterprise logistics in India, announced key operating milestones as it scales toward a fleet of roughly 500 electric heavy‑duty trucks by the end of FY 2027.

Fleet and Order Book Progress

  • The operational fleet has expanded from a single truck in October 2025 to 70 trucks as of 5 Oct 2026.
  • SwitchLabs targets deployment of 250 electric heavy‑duty trucks by December 2026 and a total fleet of about 500 trucks by FY 2027 end.
  • The order book now comprises more than 450 trucks that are signed, under deployment, or in the pipeline, up from approximately 70 trucks recorded in March 2026.

Customer Base

The company’s enterprise customers span the cement, steel and industrial sectors and include Tata Steel, JSW Steel, United Phosphorus Limited (UPL), Dalmia Cement and JK Lakshmi Cement.

Supply, Leasing and Partnerships

  • Lease commitments have been secured for over 250 trucks with leading original equipment manufacturers (OEMs) and leasing platforms on competitive commercial terms, with additional deals under closure.
  • These partnerships are intended to enable rapid scaling across high‑volume freight corridors.

Environmental Impact

Once the 450‑truck deployment is achieved, the fleet is expected to avoid roughly 50,000 tons of CO₂‑equivalent emissions.

Revenue Outlook

  • SwitchLabs plans to add around 450 trucks to its operating fleet by March 2027.
  • As the fleet ramps up, monthly recurring revenue (MRR) is projected to increase eight‑ to ten‑fold from current levels.
  • At the targeted scale, the company expects an annualised revenue run‑rate of approximately ₹300 crore, with further growth anticipated as the contracted fleet and enterprise customer base expand.

Executive Commentary

  • Ajay Pratap Singh, CEO & Co‑founder, highlighted the rapid growth from one operational truck to a projected 250 trucks by December 2026 and emphasized disciplined execution to ensure reliable ramp‑up.
  • Anish Kumar, Co‑founder, noted that the shift to electric freight is driven by cost, energy security and reliability considerations, especially in light of recent crude‑oil volatility and the Gulf conflict, and reiterated the company’s aim to provide a complete solution covering infrastructure, financing, operations and technology.

Strategic Significance

SwitchLabs positions itself as a full‑stack platform that integrates electric trucks, charging infrastructure, fleet operations, technology and carbon reporting, allowing large enterprises to electrify freight without managing underlying complexities. The company argues that electric freight is transitioning from a purely environmental goal to a strategic business imperative for Indian logistics.

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